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Zambia’s plans to take bigger stakes in some mining projects won’t impact existing operations in the country, including exploration activities, according to a senior government official.
That initiative will apply only to permits – more than 40 of them – reserved for the government, which intends to bring in investment partners, said Jito Kayumba, President Hakainde Hichilema’s special assistant for finance and investment. Subsidiaries of First Quantum Minerals Ltd. and Barrick Gold Corp. accounted for about two-thirds of Zambia’s copper production last year. Those firms are already working on increasing production in the years ahead. Units of Abu Dhabi’s International Resources Holding, Vedanta Resources Ltd. and China Nonferrous Mining Corp. also operate mines in the country, while Bill Gates-backed KoBold Metals is undertaking a major exploration program.
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